It’s critical to comprehend the steps involved in submitting an article of dissolution when you decide to dissolve your Georgia LLC. This legal document formally declares the demise of your LLC and ends its contractual responsibilities. What you should know about filing an article of dissolution in Georgia is provided below.
Articles of dissolution are formal legal documents that signal the end of a company entity’s existence. Usually, they are sent to the state where the company is registered. The public is informed through the articles of dissolution that the company is no longer in operation and that its legal obligations have been fulfilled.
An LLC’s existence ends upon dissolution. Numerous factors, such as insolvency, legal problems, or the members’ simple decision to shut down the company, might cause this. An LLC that has been dissolved is no longer able to carry on business or sign contracts. When a company dissolves, what happens to the shares?
The shares that a company’s owners own lose all of their value when it is dissolved. Owners of an LLC are referred to as members rather than shareholders and are not regarded as shareholders. Like stockholders in a company, LLC members do not own stock. They instead hold a portion of the LLC’s gains and losses.
You must first file articles of dissolution with the Georgia Secretary of State in order to dissolve an LLC in Georgia. The filing fee is $100 and you can do it online or by mail. The name of the LLC, the date of dissolution, and a declaration that the LLC has paid or will pay all debts and obligations must all be included in the articles of dissolution.
You must also inform any creditors, clients, and other interested parties of the LLC’s dissolution after filing the articles of dissolution. This can be done by posting a notice in a local newspaper or sending a notification via certified mail. Any remaining assets may be divided among the members in accordance with the terms of the operating agreement of the LLC after all debts and obligations have been satisfied.
In conclusion, submitting an article of dissolution is a crucial step in Georgia’s LLC dissolution procedure. It ends the LLC’s existence and its associated legal responsibilities. Follow all rules and measures to ensure a smooth and legal process if you’re thinking about dissolving your LLC.
You must submit an Article of Dissolution to the Georgia Secretary of State’s office in order to dissolve a single member LLC in Georgia. The form can be submitted electronically or via mail. The LLC’s name, the dissolution date, and the member’s signature must all be included. You might also need to close out any state tax accounts and get approval from the Georgia Department of Revenue. A lawyer or accountant should be consulted to make sure that all necessary measures are done to dissolve the LLC legally.